Multiple Virginia sports betting records fell in October as handle and revenue hit all-time highs.
The latest figures released Friday by the Virginia Lottery put the new record-high handle at $571.4 million, with 99% of October’s wagering coming online.
Virginia sports betting operators combined for $64 million in revenue, the first time they collectively cleared north of $60 million in a single month. Record-high revenue also pushed the monthly state tax payment to new heights at $8.6 million in October.
Virginia sports betting on rise
October’s handle figure beat the prior monthly record set in October 2022 at $528 million. Handled jumped 8.2% over last year despite one fewer Saturday of college football betting.
Year-to-date sports betting handle in Virginia is up 11% through October. Bettors wagered $4.315 billion so far this year compared to $3.893 billion at this point last year.
Virginia regulators do not provide operator-specific monthly data but quarterly reports do show individual figures. FanDuel held a comfortable lead in terms of market share through September.
| Sportsbook | Handle share | Handle* |
|---|---|---|
| FanDuel | 40.07% | $1,500,414,206 |
| DraftKings | 27.98% | $1,047,706,251 |
| BetMGM | 12.84% | $480,791,575 |
| Caesars | 6.46% | $241,893,581 |
| Bet365 | 4.12% | $154,272,686 |
| Barstool | 2.44% | $91,365,377 |
| BetRivers | 1.77% | $66,277,343 |
| HardRock | 1.63% | $61,035,068 |
| PointsBet | 1.46% | $54,669,447 |
| WynnBet | 0.44% | $16,475,724 |
| BetFred | 0.25% | $9,361,207 |
| Betway | 0.25% | $9,361,207 |
| Unibet | 0.14% | $5,242,276 |
| SI Sportsbook | 0.13% | $4,867,827 |
| Betr | 0.01% | $374,448 |
| Bally’s | 0.00% |
*Based on state report and LSR data through September
Virginia sports betting revenue boost
VA sports betting revenue is also on a positive trajectory in 2023, up 21.5% this year over last.
Operators kept $453.3 million in the year’s first 10 months, up from $373 million at this point in 2022.
State tax revenue is up $21.3 million year-to-date compared to last year, thanks to increased operator revenue and law changes to eliminate promotional deductions after a sportsbook’s first year of business.
October revenue record-breakers
Virginia joined a growing list of October record-breakers:
- New York sports betting handle topped $2 billion in October, the most ever bet in a month.
- A strong month for several Michigan sports betting apps propelled handle to $533 million.
- Pennsylvania sportsbooks took in more betting dollars in October than any other month in state history at $829 million.
- Louisiana sports betting set multiple records in October, too, posting highs in handle and revenue.
